Case Study 1
Fred is well known in his town for his homeopathic cough syrup. After years of encouragement, he has decided to take his miracle cough remedy to market as
“Fred’s Miracle Cough Syrup.” While his cough syrup is homeopathic, one of the key ingredients causes a severe reaction when taken in conjunction with aspirin.
Fred plans to make and bottle his cough syrup in an outbuilding on the family farm. His son, Sam, has been raving to the locals about his father’s cough syrup for
years, and the local drug store and grocer have contacted Fred to place orders as a result. Sam also intends to approach several national chains in an effort to
secure supply contracts for Fred’s cough syrup. Fred has asked Sam to assist him with deliveries, as Sam has a van. Fred would like Sam to be involved with the
business as an employee initially, with the option of making him a partial owner at a later time. Fred and his wife Sally have two children, Sam and Lilly. Both live
in cabins on the family farm with their spouses and children. Fred and Sally engage you as their attorney to assist with the formation of the new business,
including determining the appropriate business entity type, management issues, product liability issues, and estate planning for both the business and family
property. After your initial meeting, you identify and research the following issues.
Specifically, the following critical elements must be addressed:
I. Describe the main types of business entities and their defining characteristics.
II. Apply product liability law and determine what issues are present. How would you advise your client to mitigate those issues?
III. Apply the elements and characteristics of an agency relationship to Sam’s actions. Does Sam’s involvement prior to the business formation, as well as
his anticipated role once the business is formed, create an agency relationship? Why or why not?
IV. Identify potential real property issues based on the location of the business on the family farm. Justify each potential issue.
V. Does the manufacture of Fred’s Miracle Cough Syrup on the family farm necessitate a formal transfer of ownership or possessory rights? Defend your
VI. Identify potential personal property issues based on the use of Sam’s personal vehicle to deliver the product. Justify each potential issue.
VII. Does the use of Sam’s personal vehicle in the course of business expose Sam or the business to any liability issues? Defend your response.
VIII. Identify potential estate planning issues with regard to the business and the family farm. Justify each potential issue.
IX. What estate planning vehicles are available to Fred and Sally should they desire to transfer ownership in the business and family farm, respectively, to
Sam and Lilly equally? What are the advantages and disadvantages to each?
X. Applying your analysis of the issues above, which type of business entity do you recommend for Fred’s Miracle Cough Syrup and why?
Aristotle Education and Plato Through the term of Aristotle, one would think about how an insignificant idea of logic could affect the manner in which instruction is drilled today as we probably am aware it. Aristotle's lifestyle mirrored the manner in which he thought and what he composed for individuals to see and teach upon today. He has numerous methods of insight that are carried directly into the classroom today without anybody realizing they are. His methods of insight are genuinely astounding. At the point when an individual makes something or shows something, the methods of insight got the classroom turn out to be innate to the point that individuals who use it don't realize it exists. Authenticity is an instructive rationality, which stresses learning that creates from one's own faculties. Under this logic the thought exists that there is a genuine world not developed by human personalities, that can be known by one's very own brain. It is through encountering the world around everybody in which one takes in the core values and social lead of life. The truth is the thing that one encounters in the physical world. In this way, all that one can take in and know originates from encountering our general surroundings. Aristotle is considered by most to be one of the best agnostic scholars. He was conceived in a Grecian state at Stagira, 384 B.C.E. During childbirth he was naturally introduced to a set life. His dad, Nicomachus, had a situation under the King Amyntas of Macedonia as court doctor. Subsequently, this could identify with how his training began off. It was believed that his predecessors held a similar position under the King since along these lines the territory of court doctor could wind up inherited. As doctor, Aristotle was educated in the zone of prescriptions and was additionally prepared for the situation of court doctor. It was here that he was obviously instructed with a creating psyche to engage the numerous inquiries that emerged in his mind and the heading he would take to answer them. It is likewise certain that with each time Aristotle went starting with one place then onto the next, it had a type of effect on him: his reasoning, his compositions, and how logic is seen today. With each place he made a trip to, he had the capacity to pick up, offer, educate, and encounter the learning of theory. It was from when he was eighteen till he was around thirty-seven that he considered under the direction of Plato as his student in Athens. He was held as a recognized understudy among the gathering that considered with him in the Grove of Academus. The main issue that appeared to emerge in his long stretches of study was his connection with his instructor. Presently these examples are not clear but rather it is realized that both Aristotle and Plato had each their own thoughts regarding certain perspectives and rationalities. In this way, it is nature for them to knock heads a little in contentions about whether either side was legitimate with their thoughts, convictions, as well as perspectives. There was still no motivation to trust that the two did not have any frame a companionship, since they both had such high perspectives toward life. Legend reflected inadequately and negatively upon Aristotle however legend has not been seen that route as it is today. Yet, it was appeared after Plato's demise in 347 B.C.E. that Aristotle still held Plato in high regards. He never gave any absence of sincere thankfulness to him, when all individuals anticipated that him should do once he passed on. The passing of somebody vital in his life likely additionally influenced the manner in which he contemplated certain thoughts. After his educator's passing, Aristotle went to Atarneus in Asia Minor where he met with the ruler, Hermias. There he would be hitched to Hermias' received little girl Pythias. This may not appear to be applicable to how it impacted authenticity in training, yet if one somehow happened to consider it, in what capacity can marriage not change the manner in which somebody supposes in a type of way? A couple of years passed, Hermias was killed because of disobedience and King Philip II of Macedon called upon Aristotle to come back to Stagira. It was here that he would turn into the coach of Alexander the Great, who was just thirteen years of age. This greatly affected history, as individuals know it. Aristotle showed him the learning of morals and governmental issues, and in addition numerous mysteries of theory in which numerous individuals likely would experience difficulty understanding. Alexander the Great benefitted from the learning passed on from Aristotle alongside Aristotle impacting the brain of the youthful ruler to his advantage, and that is the way history was influenced by this contact between these two individuals. When Alexander took the royal position, Aristotle came back to Athens and there opened a school of logic. Later he followed in the strides of his educator, Plato. He framed a school, Lyceum, in an exercise room, where he gave ordinary guidance in logic. It was here that for a long time (335-322B.C.E.) as an instructor at the Lyceum, he thought of the more prominent number of his works. He thought of "exchanges", which were compositions that Aristotle habitually composed that are still perused today and were then by his students. When instructing at the Lyceum, Aristotle had a propensity for strolling about as he educated. It was regarding this that his adherents ended up referred to in later years as the peripatetics, signifying, "to stroll about." Besides, he created the few treatises on material science, mysticism, etc, in which the composition is a dialect more specialized than in the "discoursed". These works indicate the amount of an extraordinary impact they have, for example, the manner in which they affected Alexander whom later wound up known as Alexander the Great. They appear specifically how he prevailing with regards to uniting crafted by his ancestors in Greek logic, and how he saved neither agonies nor cost in seeking after, either actually or through others, his examinations in the domain of common Phenomena. At the point when Alexander's passing wound up known at Athens, and the flare-up happened which prompted the Lamian war; Aristotle was obliged to partake in the general disagreeability of the Macedonians. The charge of iconoclasm, which had been brought against Anaxagoras and Socrates, was presently, with even less reason, brought against him. He left the city, saying (as indicated by numerous antiquated specialists) that he would not allow the Athenians to sin a third time against Philosophy. He took up his living arrangement at his nation house, at Chalcis, in Euboea, and there he kicked the bucket the next year, 322B.C.E. His demise was because of an infection from which he had since quite a while ago endured. The story that his passing was because of hemlock harming, and also the legend, saying they he dedicated himself completely to the ocean are totally without authentic establishment. There are various ways that the speculations, methods of insight, morals, compositions, and styles of instructing of Aristotle have affected training today and in all likelihood will keep on later on. Aristotle accepted emphatically in the significance of a training that reviews this present reality and after that makes inferences and increases learning through systematic activities. With for all intents and purposes everything that is done today and showed today, there is some significant connection to that of Aristotle and his convictions. Through a portion of Aristotle's books of Politics, one can perceive how training could be impacted and influenced by what Aristotle says in his works. Aristotle's moral hypothesis is communicated through numerous perspectives. Aristotle will in general express his inclination towards ethicalness in a way where it can go two different ways. He discusses how righteousness is separated into good and scholarly ideals. Greatness of character manages the "great life" and bliss. Individuals are worried about their character and getting the brilliant mean, which is genuine bliss, throughout everyday life. One whom instructs would be influenced by this brilliant mean since they should figure out how to stray far from this viewpoint. They need to figure out how to teach for the sole motivation behind the individuals who are being instructed to flourish regarding what they are being educated. As it were, all these are interrelated with one another. Aristotle additionally clarifies the connection among morals and legislative issues, which prompts the suggestion for nature of ethical quality and well living. Temperance, to Aristotle, is deciphered as the brilliance of a question and that the protest will play out it's capacity adequately. This goes for individuals too. For instance an "idealistic" instructor will effectively show their understudies data they have to understand so as to go ahead with their training. Aristotle isolates human excellence into two sorts. One is moral temperance and the other is scholarly righteousness. In spite of the fact that, it is difficult to give a correct meaning of each kind, one would trust that an instructor of today would lean toward the more good highminded side. Excellence is likewise a condition of character that is worried about decision with the brilliant mean. This prompts talking about the mean as indicated by Aristotle. Individuals who are ethically upright are continually settling on their choices as indicated by the brilliant mean. Obviously not every person is the equivalent, distinctive individuals have diverse means. This achieves the point that the great life is an actual existence of joy. Aristotle says such an actual existence can be accomplished by perfection in the two territories of ethicalness, however individuals are on the whole going for some kind of good throughout everyday life. Some fair may have higher desires in their objective. Individuals with virtual brilliance need to have the great life that, as indicated by them, is the magnificence of character. The great life is alluded to as being content with life. Satisfaction must have two ideas included to accommodate Aristotle's definition. Somebody must exercise his or her idea of reason. He calls this "action of soul." Happiness additionally should have quality in the execution of the uprightness, and it is the main objective that everybody wishes to achieve. Aristotle contended that the objective of individuals is satisfaction, and that we accomplish bliss when we satisfy our capacity, or reason forever. Along these lines, it is important to figure out what our capacity is. The capacity of a thing is the thing that it can alone do, or what it can do best. This here is a key point in which an instructor must get it. This key p>GET ANSWER